Document Pack (Bookmarked and Agenda) ACC Bequest Committee - 1 September 2025
West Dunbartonshire Council · 1 September 2025
Back to Alexander Cross Cameron Bequest Committee — 1 September 2025 and its agenda
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Agenda Special Meeting of Alexander Cross Cameron Bequest Committee Date: Monday, 1 September 2025 Time: 14:00 Venue: Council Chambers, Clydebank Town Hall, 5 Hall Street, Clydebank G81 1UB Contact: Nicola Moorcroft, Committee Officer Email: nicola.moorcroft@west-dunbarton.gov.uk committee.admin@west-dunbarton.gov.uk Dear Member Please attend a special meeting of the Alexander Cross Cameron Bequest Committee as detailed above. The business is shown on the attached agenda. Yours faithfully PETER HESSETT Chief Executive Page 1
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Distribution:- Councillor Kevin Crawford Councillor Diane Docherty Councillor Fiona Hennebry Councillor Daniel Lennie Councillor June McKay Councillor Lawrence O’Neill Councillor Lauren Oxley Councillor William Rooney Councillor Gordon Scanlan Councillor Clare Steel Councillor Sophie Traynor All other Councillors for information Date of issue: 25 August 2025 Page 2
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ALEXANDER CROSS CAMERON BEQUEST COMMITTEE MONDAY, 1 SEPTEMBER 2025 AGENDA 1 APOLOGIES 2 DECLARATIONS OF INTEREST Members are invited to declare if they have an interest in any of the items of business on this agenda and the reasons for such declarations. 3 MINUTES OF PREVIOUS MEETING 5 - 6 Submit for approval, as a correct record, the Minutes of Special Meeting of the Alexander Cross Cameron Bequest Committee held on 26 June 2024. 4 GRANT APPLICATION 7 - 11 Submit report by the Chief Officer – Resources providing information on a Grant Application to the Alexander Cross Cameron Trust Fund and to make an Officer recommendation for Members consideration. 5 INVESTMENT OPTIONS FOR ACC TRUST FUND BALANCE 13 - 16 Submit report by the Chief Officer – Resources providing an update on Alexander Cross Cameron Trust Fund investments and recommend an approach for continuing investment. Page 3
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ALEXANDER CROSS CAMERON BEQUEST COMMITTEE At a Special Meeting of the Alexander Cross Cameron Bequest Committee held in the Council Chambers, Clydebank Town Hall, 5 Hall Street, Clydebank on Wednesday, 26 June 2024 at 10.00 a.m. Present: Provost Douglas McAllister and Councillors, Fiona Hennebry, Daniel Lennie, June McKay, Lawrence O’Neill, Lauren Oxley, and Sophie Traynor. Attending: Adrian Gray, Business Unit Finance Partner – Corporate Functions; Christopher Anderson, Legal Officer; and Nicola Moorcroft, Committee Officer. Apologies: Apologies for absence were intimated on behalf of Councillors Diane Docherty, James McElhill, Gordon Scanlan and Clare Steel. Provost Douglas McAllister in the Chair DECLARATIONS OF INTEREST It was noted that there were no declarations of interest in any of the items of business on the agenda. Councillors Daniel Lennie, June McKay and Lauren Oxley, declared, for the purposes of transparency, that as Ward Councillors for the area, they attend (in an Ex Officio capacity) meetings of the Clydebank East Community Council. MINUTES OF PREVIOUS MEETING The Minutes of Special Meeting of the Alexander Cross Cameron Bequest Committee held on 6 June 2024 were submitted and approved as a correct record. GRANT APPLICATION A report was submitted by the Chief Officer – Resources providing information on a grant application by Clydebank East Community Council to the Alexander Cross Cameron Trust Fund and making an officer recommendation for consideration. After discussion and having heard the Business Unit Finance Partner – Corporate Functions, in further explanation of the report and in answer to Members’ questions, Item 3 Page 5
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the Committee agreed the officer recommendation, to award £3,000 requested in the grant application from Clydebank East Community Council. The meeting closed at 10:06 a.m. Page 6
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WEST DUNBARTONSHIRE COUNCIL Report by Chief Officer - Resources Alexander Cross Cameron Fund Committee 1 September 2025 _______________________________________________________________ Subject: Grant Application 1. Purpose 1.1 The purpose of this report is to provide information on a grant application to the Alexander Cross Cameron Trust Fund and to make an Officer recommendation for Members consideration. 2. Recommendations 2.1 It is recommended that Committee agrees the officer recommendation to award £600 requested in the grant application from Clydebank Scouts for the reasons provided within Appendix 1. 3. Background 3.1 The Trust Deed states that the purpose of the Alexander Cross Cameron Fund is for ‘considering applications by or on behalf of non-profit making community groups for grant assistance towards the cost of one-off community activities within Clydebank; the objectives of which are in the opinion of the Trustee, to assist and relieve those in need by reason of age, ill health, disability, financial hardship or other disadvantage. For the avoidance of doubt no grant assistance shall be paid in respect of the normal running costs of the community group itself’. 3.2 Alexander Cross Cameron Fund grants are administered by the West Dunbartonshire Council and are reported to the fund as and when applications are received. 3.3 Per the draft 2024/25 Financial Statements, the value of fund as at 31 March 2025 was £118,944. Item 4 Page 7
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4. Main Issues Grant Applications 4.1 One application for grant funding has been received. Members should note that an amount of £600 is being recommended with full details being provided in the attached Appendix. 4.2 Members will note the reasons provided by officers in relation to the recommendations of award and will need to ensure that when making awards that these are made in line with the aims and purposes of the Trust Fund. 5. Option Appraisal 5.1 No option appraisal consideration was required for this report. 6. People Implications 6.1 There are no people implications. 7. Financial Implications 7.1 It is recommended that £600 grant is awarded from the Alexander Cross Cameron Fund. 8. Risk Analysis 8.1 The Committee must consider financial and reputational risks when considering grant applications. The financial risk is not only that the Alexander Cross Cameron Fund remains financially viable, but also that the organisations funded by the Fund comply with the Conditions of Grant which cover issues such as discrimination, health and safety, insurance, etc. As stated at 4.2 above, Members must ensure funds awarded are for the purposes of the Trust Fund. 9. Equalities Impact Assessment (EIA) 9.1 No equalities impact assessment was required in relation to this report. 10. Environmental Sustainability 10.1 No environmental sustainability issues require to be raised in connection with this report. Page 8
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11. Consultation 11.1 All organisations are consulted regarding recommendations of grant prior to the report being submitted to committee. _______________ Laurence Slavin Chief Officer, Resources Date: 18 August 2025 Person to Contact: Janine Corr, Business Partner, Corporate Functions E-mail: Janine.corr@west-dunbarton.gov.uk Appendices: Appendix 1: Detail of application for assessment Background Papers: Grant Application Forms. Wards Affected: Wards 4, 5 and 6 Page 9
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Item 4 Appendix 1 Alexander Cross Cameron Fund for consideration (2025/26) Organisation Purpose of organisation Grant requested Purpose of grant Comments Clydebank Scouts To provide life skills and knowledge to young people of Clydebank to help them succeed. £600.00 To hire a bus to bring 18 Scouts and 6 leaders back from Edinburgh Airport following a trip to Prague that the group have arranged and paid for via fund raising. They require transport on 29th October 2025 and public transport will be unavailable due to the late hour of the flight arriving (11pm). Total cost is £10,000 Group contribution: £9,400 Recommendation: £600 The stated purpose of the grant application meets the aims of the Trust Fund to assist those in need by reason of age. Number of members How often does it meet Other grants applied for/ awarded Bank Balance Accounts balance 44 Weekly WDC Community Fund 7 - £2500 awarded for food poverty Bank balance at 30/06/2025 = £6,498.94 30/06/2025 = £6,498.94 Page 11
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WEST DUNBARTONSHIRE COUNCIL Report by Chief Officer - Resources Alexander Cross Cameron Fund Committee 1 September 2025 _______________________________________________________________ Subject: Alexander Cross Cameron Trust Fund Balance and Investment 1. Purpose 1.1 The purpose of this report is to update Committee on Alexander Cross Cameron Trust Fund investments and recommend an approach for continuing investment. 2. Recommendations 2.1 Committee approves that £0.020m is invested with West Dunbartonshire Council in a variable rate account with the remainder of the Fund balance (currently £0.099m) to be invested with the Council in a 2-year fixed deposit account. 3. Background 3.1 On 14 February 2022, the Alexander Cross Cameron Committee agreed to invest £0.020m of the Trust Fund balance in a variable rate account with the remainder invested with West Dunbartonshire Council (the Council) in a 2-year fixed rate deposit account. Since its maturity date in February 2024, this loan has continued to be held within a fixed rate deposit account and as such consideration is required to be given to the future investment strategy. 3.2 The total value of the fund as at 31 March 2025, and the corresponding balances since 2022/23 are set out below: 2022/23 2023/24 2024/25 Short Term Investment with Council (working capital)* 14,485 £24,457 £17,421 Longer Term Investment with Council £103,020 £97,505 £101,523 Total Fund Balance (as at 31 March) £117,505 £121,962 £118,944 * £5,515 was transferred between long- and short-term investment at the start of 2023/24 in order to replenish the working capital to the target of £20,000. 3.3 Over the last three years, the Fund has paid out the following in grant awards: 2022/23 2023/24 2024/25 Grant Awards £6,200 £300 £6,000 Item 5 Page 13
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4. Main Issues Investment Options 4.1 For comparison purposes, current borrowing/investment interest rates (as at 15 August 2025) with the Council are noted below. These rates track the bank interest rates and are therefore subject to change (and may change before the Committee makes the decision) Term Per Annum Short term variable/ 1 month fixed 4.05% 3 months fixed 4.10% 6 month fixed 4.10% 12 month fixed 4.15% 2 year fixed 4.58% 5 year fixed 4.85% 4.2 The Council’s treasury advisor, Mitsubishi UFJ Financial Group (MUFG), provided the interest rate forecasts set out in the table below. For information, ‘PWLB’ referenced is funding available to councils through the Bank of England, however for the purposes of the Fund, they indicate current projections for movements in interest rates in the short and longer term. These forecasts, as with other forecasts from various sources, should be considered with an element of caution. The forecast suggests there may be further future cuts in interest rates from December 2025 onwards. MUFG Corporate Markets Interest Rate View 10.02.25 Sep-25 Dec - 25 Mar - 26 Jun - 26 Sep - 26 BANK RATE 4.25 4.00 3.75 3.75 3.75 3 month ave earnings 4.30 4.00 3.80 3.80 3.50 6 month ave earnings 4.20 3.90 3.70 3.70 3.50 12 month ave earnings 4.20 3.90 3.70 3.70 3.50 5 yr PWLB 4.80 4.70 4.60 4.50 4.40 10 yr PWLB 5.10 5.00 4.90 4.80 4.70 25 yr PWLB 5.60 5.50 5.40 5.30 5.20 50 yr PWLB 5.30 5.20 5.10 5.00 4.90 4.3 Members should be aware, that while agreeing locking in an investment for a longer period of time may have short term benefits, there may be a detrimental longer term impact if interest rates increase during the fixed period. 4.4 Any investment strategy requires to ensure there is enough flexibility to change the strategy if required, due to unforeseen changes in circumstances, such as additional grant funding being paid out. Page 14
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4.5 The main options available to the Trust, and a comparison of the current investment interest gain on each option, are noted below: Option Rate Annual Interest per £100k Market lending to other local authorities/high street banks (those who meet an acceptable criteria): short term 4.10% £4,100 Lend to WD Council on a short/ medium or longer term fixed basis: 6 months 1 year 2 years 5 years 4.10% 4.15% 4.58% 4.85% £4,100 £4,150 £4,580 £4,850 4.6 The Committee is asked to approve that £20,000 be invested with the Council in a variable rate account, representing the Fund’s working capital. The value of the interest earned will be dependent upon the Fund balance as at 31 March 2026 and upon the level of grant awards approved in-year. This balance assumes that no more than £10,000 in grant awards is paid per annum. Committee is also asked to agree the remainder of the fund balance (£98,944) be invested with the Council for a period of 2 years (with a 2-year fixed interest rates) which would generate approximately £4,530 in interest. 4.7 Members should note that if a fixed term investment is agreed there would be no access to the balance of any loan fixed for the 2-year period. Therefore, Members require to be agreed on an investment amount ensuring an adequate working balance remaining available over the period of the fixed loan. 5. Option Appraisal 5.1 The table at 4.5 provides details of options available and the financial impact of each of these options. 6. People Implications 6.1 There are no people implications. 7. Financial Implications 7.1 Other than the financial implications of the investment chosen as detailed above, there are no other financial implications arising from this report. Page 15
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8. Risk Analysis 8.1 The Committee must consider financial and reputational risks when considering such an investment. Alexander Cross Cameron Fund must continue to have access to sufficient funds to meet the level of grant awards expected during the investment period. 8.2 Interest rates are volatile, changing daily and may increase during any fixed period loan, resulting in less interest than what may have been achieved locking in at alternative dates. 9. Equalities Impact Assessment (EIA) 9.1 No equalities impact assessment was required in relation to this report. 10. Environmental Sustainability 10.1 No environmental sustainability issues require to be raised in connection with this report. 11. Consultation 11.1 Finance and Legal have been consulted prior to finalising this report. _______________ Laurence Slavin Chief Officer, Resources Date: 21 August 2025 Person to Contact: Janine Corr, Business Partner, Corporate Functions E-mail: Janine.corr@west-dunbarton.gov.uk Appendices: None Background Papers: None Wards Affected: Wards 4, 5 and 6 Page 16